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Sports betting has resulted in a number of scandals in sport, affecting the integrity of sports events through various acts including point shaving (players affecting the score by missing shots), spot-fixing (a player action is fixed), bad calls from officials at key moments, and overall match fixing (the overall result of the event is fixed). Examples include the 1919 World Series, the alleged (and later admitted) illegal gambling of former MLB player Pete Rose, and former NBA referee Tim Donaghy.
Simply, bigger returns. On a point spread bet you would usually have to spend $105 or $110 to win $100. If you bet on the moneyline you may instead only have to spend $50, or even less, to win $100. You won't win as often, of course, because the underdog not only has to cover the spread, but it actually has to win the game outright. Upsets happen, though, and good handicapping will often isolate situations where the likelihood of an upset exceeds the risk of the bet. This is especially relevant in the NBA because the number of games, and the possibility for even the best teams to have a bad night mean that major upsets are far from rare and can be very profitable.
The concept of betting on totals, or Over/Under (O/U), is quite simplistic. The bettor wagers on whether the TOTAL points scored in a game will fall over or under a pre-determined number set by the sportsbook. Much like the point spread, game totals can be swayed by public opinion. The example below, from the SI Archive, shows the opening totals line for Superbowl XLV:
If you wanted to place a $10 wager on the USA at 2.40 you would simply need to multiply your $10 wager by the 2.40 odds (10 x 2.40) to find out that the payout is $24. It is important to realize that with decimal style odds it includes the amount you wagered, so to find out profits you would need to subtract your wager ($24 – $10) to find out your potential payout is $14 in profits.
This is because bookmakers are in business to make a profit, so they effectively charge a commission for taking wagers. This commission is known as the vig, short for vigorish, and it's one of the ways that bookmakers stay profitable. They don't charge it just for points spreads and totals either, as it's built into the odds for every wager that they offer.
If you're an amateur bettor that's just starting out and are in desperate need of a quick betting terminology lesson, you've come to the right place. For starters, I would like to believe that you are starting out by picking teams that you believe will win the game outright. That would be known as a money line bet. If you are a bit more advanced then that, you would probably be looking at betting the "line" on a particular event. To some, this is known as the spread and that's completely fine, but if you ever come across a conversation involving the "line" this article will prepare you for what it actually means. Read More >>
The 2015 Gaming Compact negotiated pursuant to the Compact Negotiation Act permits the Pueblo to “conduct, only on Indian Lands, subject to all of the terms and conditions of this Compact, any and all forms of Class III gaming.” Gaming Compact at Section 3(A)(emphasis added). The Gaming Compact, like the Compact Negotiation Act, does not qualify or limit the term ‘class III gaming.’
The basic principle of point spreads and totals is that you have roughly a 50% chance of winning, so technically a "fair" return on these types of wagers should be equal to the amount staked. However, they are usually priced up by bookmakers at odds of -110 (1.91 in decimal odds format, 10/11 in fractional odds format), which means for every $110 staked you stand to win $100. You don't have to stake as much as $110 of course, but the point is that a successful wager will only return 90% of the amount staked (plus the initial stake of course).
A point spread (or line) is a tool used by sportsbooks to attract wagers on both sides of a game. The line is most commonly used in football and basketball games. Because it’s rare for two teams in a pro sports game to be completely evenly-matched, one team will have an advantage, another will be seen as the underdog. The point spread is the handicap offered to the underdog to level the playing field, so to speak.
The odds listed are a primary way of gauging the play in the game. There are hundreds of mismatches every single year and the leveling of the playing field has been very helpful in resolving that particular problem. With the use of odds, bookies are able to acquire an equal number of wagers on each team, which assures them that they get money regardless of who wins.